Dao definition crypto
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Now that you have a better idea of what DAOs are, it is important to understand more about their background and characteristics to appreciate the whole picture of what is turning traditional forms of organizing upside down. Blockchain network concept. This eliminates the need to involve a third party in a financial transaction, simplifying those transactions through smart contracts. The firmness of a DAO is a smart contract. No one can edit the rules without people noticing, because DAOs are transparent and public.
Up to today we are used to companies backed by legal status, a DAO may perfectly function without it as it can be structured as a general partnership. In comparison to traditional companies, DAOs have a democratized organization.
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What is a DAO? The Defiant Guide
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